HPCL Q1 Profit Rises 86%, Tops Estimates

HPCL Q1 Profit Rises 86%, Tops Estimates

State-run Hindustan Petroleum Corp. Ltd (HPCL) posted an 86% jump in first-quarter profit on Wednesday, riding on strong refining margins. The company said net profit jumped to ₹ 1,719 crore in the three months ended 30 June from ₹ 925 crore in the year-ago period.

During Q1, HPCL’s income from operations stood at ₹ 72,923 crore.

Gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, came in at $7.15 per barrel up from $5.86 last year.

“For the year 2018-19, HPCL has planned to invest over ₹ 8,400 crore in various projects across refineries and petrochemicals, marketing, pipelines and natural gas,” the company said in a press statement. Read More

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